§ 6401. State aid for certain independent institutions of higher
learning. 1. Notwithstanding the provisions of any general, special or
local law to the contrary, the commissioner is hereby authorized to
apportion for each annual period commencing July first nineteen hundred
seventy-six and to pay to any independent institution of higher
education within the state which meets the requirements of subdivision
two of this section, upon application by such institution, such amounts
of state aid as are authorized to be paid by subdivision three of this
section.

2. (a) Notwithstanding the provisions of any other law, in order to
qualify for state aid apportionments pursuant to this section, any
institution of higher education must meet either the requirements set
forth in subparagraphs (i) through (vi) of this paragraph or, in the
alternative, the requirements set forth in paragraph (b) of this
subdivision:

(i) The institution must be a non-profit college or university
incorporated by the regents or by the legislature, or a school of
medicine, dentistry or osteopathy authorized by the regents to confer
the degree of doctor of medicine, doctor of medical science, doctor of
dental surgery or doctor of osteopathy.

(ii) The institution must maintain one or more earned degree programs,
culminating in an associate or higher degree.

(iii) The institution must meet such standards of educational quality
applicable to comparable public institutions of higher education, as may
be from time to time established by the regents.

(iv) The institution must be eligible for state aid under the
provisions of the constitution of the United States and the constitution
of the state of New York.

(v) The institution must submit a financial statement which shall
include total assets and liabilities, in such form as may be approved by
the commissioner.

(vi) The institution must have total endowment assets of less than
seven hundred fifty million dollars ($750,000,000), based on the most
recent academic year data collected in the Integrated Postsecondary
Education Data System, as required under Title IV of the Higher
Education Act of 1965, as amended, and reported by the Department of
Education's National Center for Education Statistics.

(b) An institution of higher education located in this state, at least
one-half of the students of which are economically disadvantaged, and
the course credits and degrees of which are offered by a consortium of
sponsoring colleges, each of which sponsoring colleges satisfies the
following requirements, shall qualify for state aid apportionments
pursuant to this section:

(i) The sponsoring college must be non-profit college or university
incorporated by the regents or by the legislature.

(ii) The sponsoring college must maintain one or more earned degree
programs, culminating in an associate or higher degree.

(iii) The sponsoring college must meet such standards of educational
quality applicable to comparable public institutions of higher
education, as may be from time to time established by the regents.

(iv) The sponsoring college must be eligible for state aid under the
provisions of the constitution of the United States and the constitution
of the state of New York.

(v) The sponsoring college must submit a financial statement which
shall include total assets and liabilities, in such form as may be
approved by the commissioner.

(vi) The sponsoring college must have total endowment assets of less
than seven hundred fifty million dollars ($750,000,000), based on the
most recent academic year data collected in the Integrated Postsecondary
Education Data System, as required under Title IV of the Higher
Education Act of 1965, as amended, and reported by the Department of
Education's National Center for Education Statistics.

3. Degree awards. The amount of such annual apportionment to each
institution meeting the requirements of subdivision two of this section
shall be computed by multiplying by not to exceed six hundred dollars
the number of earned associate degrees, by not to exceed one thousand
five hundred dollars the number of earned bachelor's degrees, by not to
exceed nine hundred fifty dollars the number of earned master's degrees,
and by not to exceed four thousand five hundred fifty dollars the number
of earned doctorate degrees, conferred by such institution during the
twelve-month period next preceding the annual period for which such
apportionment is made, provided that there shall be excluded from any
such computation the number of degrees earned by students with respect
to whom state aid other than that established by this section or section
sixty-four hundred one-a of this article is granted directly to the
institution, and provided further that, except as otherwise provided in
this subdivision, the amount apportioned for an associate degree shall
be awarded only to two year institutions qualifying under subdivision
two of this section. The regents shall promulgate rules defining and
classifying professional degrees for the purposes of this section.
Institutions qualifying for state aid pursuant to the provisions of
paragraph (b) of subdivision two of this section shall, for purposes of
this subdivision, be deemed to be the institutions which confer degrees.
For purposes of this subdivision, a two-year institution which has
received authority to confer bachelor degrees shall continue to be
considered a two-year institution until such time as it has actually
begun to confer the bachelor's degree. Thereafter, notwithstanding any
other provision of law to the contrary, an institution which was
formerly a two-year institution for the purposes of this section and
which was granted authority by the regents to confer bachelor degrees,
(a) such authority having been granted after the first day of June,
nineteen hundred ninety-three, but before the first day of July,
nineteen hundred ninety-three, (b) such authority having been granted
after the first day of May, two thousand five, but before the first day
of June, two thousand five, (c) such authority having been granted after
the first day of April, two thousand nine, but before the first day of
May, two thousand nine, or (d) such authority having been granted after
the first day of December, two thousand nine, but before the first day
of January, two thousand ten, may elect to continue to receive awards
for earned associate degrees. Should such institution so elect, it shall
not be eligible during the time of such election to receive awards for
earned bachelor's degrees. Notwithstanding the preceding provisions of
this subdivision, in the event that the total amount of such annual
apportionments to all institutions meeting the requirements of
subdivision two of this section would otherwise exceed the total amount
appropriated for unrestricted aid to independent colleges and
universities, the annual apportionment to each such institution shall be
reduced proportionally.

4. Thirty-five percent of each such annual apportionment payable
pursuant to this section shall be paid on or before October fifteenth,
thirty-five percent shall be paid on or before February fifteenth, and
the remaining thirty percent shall be paid on or before May fifteenth.

5. The commissioner shall promulgate regulations requiring the
submission to him, by any institution intending to apply for state aid
apportionments pursuant to this section, of reports in such form, at
such times and containing such information as he shall by such
regulations require, concerning, but not limited to such matters as the
present and contemplated future programs, curricula and facilities of
the institution, and its financial affairs, its long range plans and its
progress in implementing such plans, and its administrative practices
and procedures. No institution shall be eligible to receive any
apportionment of state aid, or portion thereof, payable pursuant to this
section unless such institution shall have submitted all reports
required pursuant to such regulations, in form satisfactory to the
commissioner.